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ACC 307 WK 5 Midterm Exam
1. The ratification of the Sixteenth Amendment to the U.S. Constitution was necessary to validate the Federal income tax on corporations.
True False
2. Before the Sixteenth Amendment to the Constitution was ratified, there was no valid Federal income tax on individuals.
True False
3. The first income tax on individuals (after the ratification of the Sixteenth Amendment to the Constitution) levied tax rates from a low of 2% to a high of 6%.
True False
4. The Federal income tax on individuals generates more revenue than the Federal income tax on corporations.
True False
5. The pay-as-you-go feature of the Federal income tax on individuals conforms to Adam Smith’s canon of certainty.
True False
6. Because the law is complicated, most individual taxpayers are not able to complete their Federal income tax returns without outside assistance.
True False
7. The FICA tax (Medicare component) on wages is progressive since the tax due